FUEMX vs. FHMIX

Last updated Aug 5, 2026

FUEMX (Fidelity Flex Conservative Income Municipal Bond Fund) and FHMIX (Federated Hermes Conservative Municipal Microshort Fund) are both Municipal Bonds funds. Over the past 5 years, FUEMX returned 2.37%/yr vs 1.18%/yr for FHMIX. Their 0.24 correlation means their historical movements had little consistent relationship. FUEMX charges 0.00%/yr vs 0.05%/yr for FHMIX.

Performance

FUEMX vs. FHMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Flex Conservative Income Municipal Bond Fund (FUEMX) and Federated Hermes Conservative Municipal Microshort Fund (FHMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FUEMX having a 1.34% return and FHMIX slightly lower at 1.33%.

FUEMX

• 1D: 0.00%
• 1M: -0.20%
• 6M: 0.91%
• YTD: 1.34%
• 1Y: 2.61%
• 3Y*: 3.35%
• 5Y*: 2.37%
• 10Y*: —
• ALL TIME*: 2.01%

FHMIX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.03%
• YTD: 1.33%
• 1Y: 2.49%
• 3Y*: 1.97%
• 5Y*: 1.18%
• 10Y*: —
• ALL TIME*: 1.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FHMIX Federated Hermes Conservative Municipal Microshort Fund	$0.00	$0.00	$0.00
FUEMX Fidelity Flex Conservative Income Municipal Bond Fund	$0.00	$0.00	$0.00

FUEMX vs. FHMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FUEMX Fidelity Flex Conservative Income Municipal Bond Fund	1.34%	3.43%	3.56%	3.55%	0.05%	0.12%
FHMIX Federated Hermes Conservative Municipal Microshort Fund	1.33%	3.09%	1.19%	0.32%	0.00%	0.02%

Correlation

The correlation between FUEMX and FHMIX is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.31
Correlation (5Y) Shows whether the relationship held over a longer period.	0.24
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.24

Over the past year, FUEMX and FHMIX have become more correlated (0.52) than their long-term average of 0.24, meaning their price movements have been converging.

Return for Risk

FUEMX vs. FHMIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FUEMX

FUEMX Risk / Return Rank: 98
FUEMX Sharpe Ratio Rank: 96
FUEMX Sortino Ratio Rank: 99
FUEMX Omega Ratio Rank: 99
FUEMX Calmar Ratio Rank: 99
FUEMX Martin Ratio Rank: 99

FHMIX

FHMIX Risk / Return Rank: 99
FHMIX Sharpe Ratio Rank: 98
FHMIX Sortino Ratio Rank: 100
FHMIX Omega Ratio Rank: 100
FHMIX Calmar Ratio Rank: 100
FHMIX Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FUEMX vs. FHMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Conservative Income Municipal Bond Fund (FUEMX) and Federated Hermes Conservative Municipal Microshort Fund (FHMIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FUEMX	FHMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.69	3.10	-0.41
Sortino ratio: Return per unit of downside risk	6.72	12.36	-5.64
Omega ratio: Gain probability vs. loss probability	2.73	7.17	-4.44
Calmar ratio: Return relative to maximum drawdown	8.82	25.05	-16.23
Martin ratio: Return relative to average drawdown	31.01	82.74	-51.73

FUEMX vs. FHMIX - Sharpe Ratio Comparison

The current FUEMX Sharpe Ratio is 2.69, which is comparable to the FHMIX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of FUEMX and FHMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FUEMX vs. FHMIX - Drawdown Comparison

The maximum FUEMX drawdown since its inception was -1.99%, which is greater than FHMIX's maximum drawdown of -0.50%. Use the drawdown chart below to compare losses from any high point for FUEMX and FHMIX.

Drawdown Indicators

	FUEMX	FHMIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.99%	-0.50%	-1.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-0.10%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-1.20%	-0.50%	-0.70%
Max Drawdown (5Y) Largest decline over 5 years	-1.20%	-0.50%	-0.70%
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-0.11%	-0.06%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.03%	+0.05%

Volatility

FUEMX vs. FHMIX - Volatility Comparison

Fidelity Flex Conservative Income Municipal Bond Fund (FUEMX) has a higher volatility of 0.14% compared to Federated Hermes Conservative Municipal Microshort Fund (FHMIX) at 0.00%. This indicates that FUEMX's price experiences larger fluctuations and is considered to be riskier than FHMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUEMX	FHMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	0.00%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.66%	0.51%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	0.98%	0.81%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.19%	0.80%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	0.78%	+0.28%

FUEMX vs. FHMIX - Expense Ratio Comparison

FUEMX has a 0.00% expense ratio, which is lower than FHMIX's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FUEMX vs. FHMIX - Dividend Comparison

FUEMX's dividend yield for the trailing twelve months is around 2.77%, more than FHMIX's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHMIX Federated Hermes Conservative Municipal Microshort Fund	2.56%	3.04%	1.18%	0.32%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%
FUEMX Fidelity Flex Conservative Income Municipal Bond Fund	2.77%	3.17%	3.49%	2.87%	0.75%	0.44%	0.97%	1.97%	1.75%	0.28%

Frequently Asked Questions

Can I hold both FUEMX and FHMIX in my portfolio?

FUEMX and FHMIX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FUEMX or FHMIX?

FUEMX has higher volatility (0.14%) compared to FHMIX (0.00%). In terms of maximum drawdown, FUEMX dropped -1.99% vs FHMIX's -0.50%.

Which has better risk-adjusted returns?

FHMIX currently has the higher Sharpe Ratio (3.10 vs 2.69), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.